The Value of Networking with Broker Peers Locally and Nationally

Networking with other brokers is a fantastic way to not only build a strong professional image in your market, but it can also drive deals that close smoothly and efficiently. Even meeting peers who operate out of state may bring you long-term business opportunities that you never thought were possible.

The number one reason why meeting peers is important is simply because professionals work better with individuals whom they know and trust. Better still, customers on both sides of a transaction will be more apt to close deals with their retained REALTORS® when these professionals say they are familiar with each other and attest to their expertise as fair, diligent, responsive and cooperative. This brings peace of mind that a deal is being negotiated with the best interests of all parties intact.

Be Proactive

The peers in your office are a great place to start networking. This of course assumes you have affiliated your business through a specific company that retains the services of several brokers. Take the initiative and introduce yourself to fellow REALTORS® across the aisle. Discuss issues they frequently encounter and agree on ways to overcome them as partners in any given transaction.

Also take time to get to know other brokers outside your office, especially those who work for competing affiliations in and around the communities you serve. You never know when you will be partnered together on a future transaction. Building a rapport as a trusted professional will generate positive word-of-mouth branding of your services throughout industry and make working with new brokers a smoother proposition.

Don’t Forget The National Angle

One way to gain referral business is to understand where inbound buyers are coming from. If you are serving a high-net-worth community in Los Angeles, for example, and notice that a high percentage of home buyers originate from select communities in Chicago and New York then it makes sense to meet brokers from those markets. Sellers in those markets most likely will not know of a local broker in the communities they are moving to. A New York broker who is representing a seller moving to your area and knows you to be a trustworthy is likely to send the referral your way.

Places to Network

There are all kinds of local networking opportunities in the communities you serve. Start with those that exist within your affiliated brokerage house and create an email database exclusively for brokers. Send those professionals new listing notifications as they become available. Also, keep an eye out for clever marketing tactics used by peers and simply pass along a compliment for those efforts. You’ll be surprised how quickly competitors become colleagues and maybe even trusted allies in the industry.

One of the best places to meet brokers from all over the country is of course the REALTORS® Conference & Expo. Some 22,000 real estate professionals will be attending the conference in San Francisco this November 8-11. There is a session at the conference this year entitled Power Networking starting at 8:45 a.m. on Nov. 8 that provides NAR members the opportunity to network with peers.

Like all marketing initiatives, networking your services with industry peers is an ongoing task that brings more value when practiced consistently over time. Do this regularly and you will realize that networking will be an important part of maximizing your brand awareness not just locally, but across the entire country as well.

What types of peer networking have you done in the past and how has this positively affected your business? Please share your experiences below.